Idea drops after less than expected Q3 results

Shares of the Idea Cellular, India's third largest wireless operator dropped after the company reported 14 per cent rise in its consolidated net profit at Rs 229 crore for the quarter ended December 31, 2012, against Rs 201 crore in the corresponding period in the previous year.

The companies consolidated revenue rose by 11 per cent to Rs 5,578 crore from Rs 5,030 crore.

The company said, "Idea is confident to overcome the current uncertain regulatory phase, emerge competitively stronger as the overcapacity comes to an inevitable decline, consolidate its position in the telecom voice market and aggressively expand in the ever-evolving wireless broadband business."

Shares of the company were seen trading at Rs 113, lower by 0.44% on BSE at 9.40 am IST. It touched an intra-day low of Rs 110.

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